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Personal financial planning advice: barriers to access

Moss, John Gordon Robert (2015)
Ph.D. thesis, University of Birmingham.

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Abstract

With the move towards a society where responsibility has been placed upon the individual to make financial provision for future events, comes the need for individuals to be able to interact with the financial services sector and make informed decisions regarding their financial choices. This research focuses on the barriers that influence why and how consumers access advice from Regulated Financial Advisers.

Three key variables are highlighted by this research that each affect the consumer’s ability to access regulated financial advice; Firstly, knowledge, where sub-themes relating to need, knowledge of services and ‘finding an adviser’ were identified. These highlighted the concept of advice not generally being the ‘subjective norm’. Secondly, trust, where the concepts of ‘general trust’ and ‘individual trust’ emerged along with the issues surrounding consumers’ abilities to apply ‘critical trust’. Thirdly, affordability and cost, which includes the consumer’s appreciation of the value of advice.

Finally, this research asks whether consumers are overwhelmed by the extent of the provision they need to make to shape their financial future. It therefore begs the question as to whether the degree to which the welfare state has already been rolled back has resulted in financial planning issues beyond the capabilities of most consumers.

Type of Work:Ph.D. thesis.
Supervisor(s):Rowlingson, Karen and Lymer, Andrew
School/Faculty:Colleges (2008 onwards) > College of Social Sciences
Department:School of Social Policy
Subjects:HG Finance
Institution:University of Birmingham
ID Code:6016
This unpublished thesis/dissertation is copyright of the author and/or third parties. The intellectual property rights of the author or third parties in respect of this work are as defined by The Copyright Designs and Patents Act 1988 or as modified by any successor legislation. Any use made of information contained in this thesis/dissertation must be in accordance with that legislation and must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the permission of the copyright holder.
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